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Academics Appreciate Awards. A New Aspect of Incentives in Research

Author

Listed:
  • Bruno S. Frey
  • Susanne Neckermann
Abstract
This paper analyzes awards as a means of motivation prevalent in the scientific community, but so far neglected in the economic literature on incentives, and discusses their relationship to monetary compensation. Awards are better suited than performance pay to reward scientific tasks, which are typically of a vague nature. They derive their value, for instance, from signaling research talent to outsiders. Awards should therefore be taken seriously as a means of motivating research that may complement, or even substitute for, monetary incentives. While we discuss awards in the context of academia, our conclusions apply to other principal-agent settings as well.

Suggested Citation

  • Bruno S. Frey & Susanne Neckermann, 2008. "Academics Appreciate Awards. A New Aspect of Incentives in Research," IEW - Working Papers 400, Institute for Empirical Research in Economics - University of Zurich.
    • Handle: RePEc:zur:iewwpx:400
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    References listed on IDEAS

    as
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    12. Uri Gneezy & Aldo Rustichini, 2000. "Pay Enough or Don't Pay at All," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 115(3), pages 791-810.
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    15. Susanne Neckermann & Reto Cueni & Bruno S. Frey, 2009. "What is an Award Worth? An Econometric Assessment of the Impact of Awards on Employee Performance," CESifo Working Paper Series 2657, CESifo.
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    17. Frey, Bruno S & Stutzer, Alois, 2000. "Happiness, Economy and Institutions," Economic Journal, Royal Economic Society, vol. 110(466), pages 918-938, October.
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    Citations

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    Cited by:

    1. Lars P. Feld & Sarah Necker & Bruno S. Frey, 2015. "Happiness of economists," Applied Economics, Taylor & Francis Journals, vol. 47(10), pages 990-1007, February.
    2. Wanjiru Ruth Irungu & Xiaoguang Liu & Chuyu Han & Alvin Bomer & Wambui Ann Wanjiru, 2020. "Progress towards a World-Class Research University status: The case of Nanjing Agricultural University," Higher Education Studies, Canadian Center of Science and Education, vol. 10(1), pages 1-72, March.
    3. Ho Fai Chan & Benno Torgler, 2012. "Econometric Fellows and Nobel Laureates in Economics," Economics Bulletin, AccessEcon, vol. 32(4), pages 3365-3377.
    4. Linda H. M. van de Burgwal & Ana Dias & Eric Claassen, 2019. "Incentives for knowledge valorisation: a European benchmark," The Journal of Technology Transfer, Springer, vol. 44(1), pages 1-20, February.
    5. Singh, Prakarsh, 2011. "Performance Pay and Information: Reducing Child Malnutrition in Urban Slums," MPRA Paper 29403, University Library of Munich, Germany.
    6. Victoria Galán-Muros & Peter Sijde & Peter Groenewegen & Thomas Baaken, 2017. "Nurture over nature: How do European universities support their collaboration with business?," The Journal of Technology Transfer, Springer, vol. 42(1), pages 184-205, February.
    7. Juntao Zheng & Niancai Liu, 2015. "Mapping of important international academic awards," Scientometrics, Springer;Akadémiai Kiadó, vol. 104(3), pages 763-791, September.
    8. Sabrina Backs & Markus Günther & Christian Stummer, 2019. "Stimulating academic patenting in a university ecosystem: an agent-based simulation approach," The Journal of Technology Transfer, Springer, vol. 44(2), pages 434-461, April.
    9. Hasan, Syed Akif & Subhani, Muhammad Imtiaz, 2011. "Relationship between Various Employee Performance Recognition Techniques and Customer Satisfaction: Evidence from the Restaurant Industry of Pakistan," MPRA Paper 34759, University Library of Munich, Germany.
    10. Susanne Beck & Maral Mahdad & Karin Beukel & Marion Poetz, 2019. "The Value of Scientific Knowledge Dissemination for Scientists—A Value Capture Perspective," Publications, MDPI, vol. 7(3), pages 1-23, July.

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    More about this item

    Keywords

    Awards; Money; Incentives; Academia; Research;
    All these keywords.

    JEL classification:

    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods
    • M52 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Compensation and Compensation Methods and Their Effects

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